REGISTERED NUMBER: NI057006 (Northern Ireland)

Derry Bros Shipping Limited

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Balance sheet

1

Notes to the financial statements

3

Fixed assets

Intangible assets

4

208,800

12,886

Tangible assets

5

721,758

681,870

Investments

6

15,000

15,000

945,558

709,756

Current assets

Debtors

7

3,180,407

2,925,036

Cash at bank and in hand

764

212,347

3,181,171

3,137,383

Creditors

Amounts falling due within one year

8

(3,013,930

)

(2,736,966

)

Net current assets

167,241

400,417

Total assets less current liabilities

1,112,799

1,110,173

Creditors

Amounts falling due after more than one year

9

(111,190

)

(97,339

)

Net assets

1,001,609

1,012,834

Capital and reserves

Called up share capital

30,100

30,100

Retained earnings

971,509

982,734

Shareholders' funds

1,001,609

1,012,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 June 2025 and were signed by:

Mrs B Morgan - Director

1.	Statutory information

Derry Bros Shipping Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number:

NI057006

Registered office:

Oakmont House

2 Queens Road

Lisburn

BT27 4TZ

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Computer software is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% Straight line

Plant and machinery

-

15% Straight line

Fixtures and fittings

-

15% Reducing balance

Motor vehicles

-

15% Straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the

ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3.	Employees and directors

The average number of employees during the year was 14 (2023 - 13 ) .

4.	Intangible fixed assets

Development

Computer

Goodwill

costs

software

Totals

£

£

£

£

Cost

At 1 January 2024

30,000

-

49,803

79,803

Additions

-

225,728

-

225,728

Disposals

-

-

(8,348

)

(8,348

)

At 31 December 2024

30,000

225,728

41,455

297,183

Amortisation

At 1 January 2024

30,000

-

36,917

66,917

Amortisation for year

-

22,573

5,154

27,727

Eliminated on disposal

-

-

(6,261

)

(6,261

)

At 31 December 2024

30,000

22,573

35,810

88,383

Net book value

At 31 December 2024

-

203,155

5,645

208,800

At 31 December 2023

-

-

12,886

12,886

5.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1 January 2024

578,977

70,729

237,930

261,704

1,149,340

Additions

108,000

-

20,666

-

128,666

Disposals

-

-

(64,326

)

(240

)

(64,566

)

At 31 December 2024

686,977

70,729

194,270

261,464

1,213,440

Depreciation

At 1 January 2024

115,768

44,123

136,899

170,680

467,470

Charge for year

9,730

8,555

15,593

37,002

70,880

Eliminated on disposal

-

-

(46,584

)

(84

)

(46,668

)

At 31 December 2024

125,498

52,678

105,908

207,598

491,682

Net book value

At 31 December 2024

561,479

18,051

88,362

53,866

721,758

At 31 December 2023

463,209

26,606

101,031

91,024

681,870

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 January 2024

and 31 December 2024

15,000

Net book value

At 31 December 2024

15,000

At 31 December 2023

15,000

7.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

1,832,723

1,905,378

Bad debt provision

(318,919

)

(259,552

)

Other debtors

334,493

363,300

Directors' current accounts

1,306,237

844,093

Prepayments and accrued income

4,417

-

Prepayments

21,456

71,817

3,180,407

2,925,036

8.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts (see note 10)

215,905

46,377

Trade creditors

1,607,074

1,516,835

Corporation tax

157,729

168,337

Social security and other taxes

23,952

8,465

Pension commitments

1,160

925

VAT

53,338

61,880

Other creditors

935,747

917,867

Accrued expenses

19,025

16,280

3,013,930

2,736,966

9.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans (see note 10)

111,190

97,339

10.

Loans

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

155,031

552

Bank loans

60,874

45,825

215,905

46,377

Amounts falling due between one and two years:

Bank loans - 1-2 years

60,336

49,620

Amounts falling due between two and five years:

Bank loans - 2-5 years

50,854

47,719

11.	Secured debts

The following secured debts are included within creditors:

2024

2023

£

£

AIB Group (UK) plc bank overdrafts are secured by way of a fixed and floating charge over all the property or undertaking of the company.

12.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Mrs B Morgan

Balance outstanding at start of year

844,093

894,756

Amounts advanced

1,038,168

958,724

Amounts repaid

(576,024

)

(1,009,387

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,306,237

844,093